SOCAR and Netherlands Fugro have reached an agreement to create a new joint venture (JV) to perform bathymetric, geophysical and geotechnical studies, Fugro company reported.
The statement reads that the JV will be supplying the autonomous underwater devices and remotely operated transportations, provide diving services and other services both onshore and offshore Azerbaijan.
The agreement to form SOCAR-Fugro, in which 51% share is owned by SOCAR is based on the initial agreement, which was signed in 1995, concerning creation of a joint venture Azeri Fugro.
Azeri-Fugro JV provides a wide range of geotechnical and ecological services in the Caspian Sea region, which are required for the oil exploration. It uses experience of the entire group of Fugro Group companies to receive access to a wide range of knowledge of specialists and resources within the framework of any operating Fugro company.—0—
Economics
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The Turkish company Aksa Doğalgaz, part of Kazancı Holding, has announced the completion of the contractual process to purchase the gas distribution companies Bursagaz and Kayserigaz. These companies have been operating under SOCAR Türkiye Energy AS (STEAS) since 2019, according to Aksa Doğalgaz.
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Azerbaijan's Cabinet of Ministers has introduced new regulations establishing the minimum royalties for authors of state-commissioned films, aiming to promote creative works reflecting the country's national identity and cultural values.
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Tea imports to Azerbaijan have increased. According to the State Customs Committee, from January to November 2024, tea imports grew by 3.3% year-on-year to 12,893 tons in volume and by 4.5% in value, amounting to $67.715 million.
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Azerbaijan’s State Railways (ADY) reported a 28% year-on-year increase in transit cargo volumes through the North-South International Transport Corridor (NSTC) in 2024, reaching 814,000 tonnes. This growth underscores the country’s concerted efforts to unlock the strategic potential of the corridor, which connects Northern Europe and Russia to the Indian Ocean.
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